Currently talking with a couple that is looking to sell their home FSBO. They came in with a price that might be high, even after omitting realtor commission. Is there a way/website that is good for this. Zillow? Trulia? The house in question is right next to a brand new development, so I fear those sites might not be taking the 25 years difference in age into consideration. Thanks…
You really cannot rely on a website appraisal based on public records - especially with concerns like you have mentioned
when you have an appraisal done, they look at the actual house, but also look for 3 to 4 comparisons.
If you're looking for a quicker number just to develop an offer I'd look at recently sold homes in the same town that are similar to the house you're looking at.
Then add more money for what the incremental half acre (is it flat and usable) is worth to you
That said, the best method is comparable sales. If you are in NJ you can use the advanced search function in this data base to find comp sales in your town.
Link - ( New Window )
There are so many other factors. Meanwhile, here is what I would suggest. Have them put the house on FSBO and also Zillow as a for sale by owner. In less than a week at least one realtor will contact them to see about listing it. They can ask the realtor/s for a market analysis for the home. Something the realtors would do anyway before determining a price. That would really help to dial in the price.
I know it sounds like you are using the realtor but my suggestion is to let the realtors reach out to them first vs seek out a realtor just for the purpose of getting the market analysis. It is also a good way to get to know a few of them in the event that your friends want to list it down the road if they dont have any luck doing it on their own.
If you're seriously considering this purchase, find a local Appraiser who knows that neighborhood. The couple hundred bucks will be money well spent in the negotiations. Then you can turn that Appraisal over to the Bank's Appraiser for your financing. You're going to pay the Home Inspector at least that much, and all he'll come up with is a vague reference to Termites.
If you are looking at comps, key things to look for (if available) are:
1- Location (obviously)
2- Size (bedrooms, bathrooms, SF of house, SF of total lot with the yard)
3- Age of house
4- Any near by construction. This may lower value if it's going to be super noisy or busy
5- Date of trade (more recent the better obviously)
Sure, of course, but (IMO) generally it's a good idea to comp directly to see what the direct competition is priced (and has sold) at.